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Tokyo rubber futures dip after Fed minutes, China data eyed (Aug 22)

TOKYO, Aug 22 (Reuters) – Benchmark TOCOM rubber futures nudged lower on Thursday after minutes from a U.S. central bank meeting gave few clues about when it may cut economic stimulus and as investors waited for economic data from top rubber-buyer China.

FUNDAMENTALS

* The key Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery was down 0.2 percent at 260.2 yen per kg at 0036 GMT, after settling 0.1 percent lower on Wednesday.

* Minutes released from the Federal Reserve’s latest meeting showed members had varying opinions as to when the central bank should start winding down its bond purchases. The overall view, however, was that the minutes did not materially change the market’s expectation of a September tapering.

* Japanese manufacturers’ optimism improved to the highest level in three years, a Reuters poll showed on Thursday, as a weak yen lifted earnings for exporters of textiles, chemicals, steel and other metals.

* Physical cargoes of tyre grade rubber from Southeast Asia changed hands for October delivery this week, but a drop in China’s rubber stockpiles has yet to trigger an expected wave of buying from the top consumer, dealers said.

TOCOM Rubber Futures Price on Thursday, August 22, 2013 (yen/kilogram)

Month

Last Settlement Price

Open

High

Low

Current

Change

Volume

Aug 2013

251.5

250.0

256.5

250.0

256.4

+4.9

20

Sep 2013

253.7

253.1

258.7

252.4

258.7

+5.0

10

Oct 2013

255.0

255.0

260.0

253.3

259.8

+4.8

91

Nov 2013

256.1

256.3

261.5

255.0

261.3

+5.2

72

Dec 2013

258.0

258.5

264.1

256.9

263.2

+5.2

416

Jan 2014

260.6

260.2

267.8

259.1

266.2

+5.6

4,115

Total

 

4,724

MARKET NEWS

* Japan’s benchmark Nikkei stock average fell 1.2 percent in early Thursday trade, after the Fed minutes failed to shed much light on the central bank’s future direction.

* The yen was quoted around 97.88 yen to the dollar in early Asian trade, weakening further from earlier this month.

* The 19-commodity Thomson Reuters-Jefferies CRB index dipped 0.7 percent on Wednesday as crude oil prices tumbled.

DATA EVENTS

* The following data is expected on Thursday: (Time in GMT)

0145 China HSBC Manufacturing Flash PMI

0658 France Markit Manufacturing Flash PMI

0728 Germany Markit Manufacturing Flash PMI

0758 Euro zone Markit Manufacturing Flash PMI

1230 U.S. Weekly jobless claims

1258 U.S. Markit Manufacturing Flash PMI

1300 U.S. FHFA home price index

1400 U.S. Leading indicators

(Reporting by James Topham; Editing by Joseph Radford)

Source: Reuters

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